#365 Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters
time is a friend of the wonderful business and the enemy of the mediocre
Founders Podcast • #365 Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters
Warren Buffet
f you want to be successful and we do then you have to be willing to be misunderstood okay come on this has been a main theme the last month and do things that do not seem sensible to most people for example if you the employees come into the office in the morning thinking how are you going to beat number one number two and number three in the
... See moreFounders Podcast • #365 Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters
This is how I would build a startup
It's something we shouldn't even be thinking about at Workflow
it's aggravating to buy just a little bit but this is a hard question to answer so it says in reality opportunities in which we are comfortable to deploy Capital are rare and the highest conviction idea is the rarest of them all the issue then is
how much to invest in each idea and this is Nick's takeaway from thinking about the Kelly Criterion the
... See moreFounders Podcast • #365 Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters
you have to be a learning machine you have to be doing the work now he he
referenced many times that it takes a long time now but it makes you go faster later on but that you'll study something he would study like an American company for like 15 years it would take him 15 years to find the Asian counterpart Nick is telling us something very similar
... See moreFounders Podcast • #365 Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters
First part is Li Lu
Is this what I've been doing? I've been preparing and learning constantly to get to this point. And that's the long term mindset combined with a single idea and the memory as a service. I want you to encourage and explore but also to learn so that when you're ready you'll have done all the preparation you need to seize the opportunity.
a vendor who does not consistently
and voluntarily quote its lowest price to our buyers will be permanently discontinued as a purchasing source for Costco
Founders Podcast • #365 Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters
I think this also why the Apple culture of secret works so well. On your most important values there can be no second chances. If I let you do it this once, then you'll do it again
why competing with Costco is so hard to do the firm is not interested in today's static assessment of performance it is managing the business as to raise the probability of
long-term success when Costco continues to recycle cost savings to the consumer it is lowering the probability of failure
Founders Podcast • #365 Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters
Traders have many small ideas and we have one big idea good luck to them
Founders Podcast • #365 Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters
although we are all interested in margin it must never be done at the expense of our philosophy margin must be obtained by
better buying emphasis on selling the right kinds of goods we want to sell operating efficiencies lower Mark markdowns greater turnover increasing the retail prices and justifying on the basis that we are still competitive could
... See moreFounders Podcast • #365 Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters
Sol Price memo from 1967 with Nick Sleep commentary
you cannot just focus on the outputs if you do you're going to sell you have to really understand the central engine of success you have to understand that business deeply